Solving word problems

Question

you invested a total of $12,000 at 4 1/2% and 5% simple interest. During one year, the two accounts earned $580. How much did you invest in each account?

Answer 1

if we invest $x at 4.5%

we invest $(12000-x) at 5%

 

i = prt

i = 580

r = 0.045 and 0.05

t = 1

 

580 = 0.045x + 0.05(12000-x)

 

Solve for x to find amount invested a 4 1/2%

Then sbtract that from 12000 to find amount

invested at 5%